Policymakers from the Group of 20 economies said on Sunday they recognise that excess capacity in steel and other industries is a global issue that has had a negative impact on trade and workers and which requires a collective response, Reuters reported. In a joint communique issued at the two-day conference of G20 central bankers and finance ministers in China, participants said they would resist all forms of protectionism, and would carefully calibrate and communicate macroeconomic and structural policy actions. They also reiterated that excess volatility and disorderly movements in exchange rates could have adverse implications on stability, and reaffirmed previous exchange rate commitments. In addition, the nations said they were well positioned to proactively address potential economic and financial consequences of Britain's decision to leave the European Union.
